Art Imaging Company was organized on April 1 of the current year. On April 2, Art Imaging Company prepaid $55,200 to the city for taxes (license fees) for the next12 months and debited the prepaid taxes account. Art Imaging Company is also required to pay in January an annual tax (on property) for the previouscalendar year. The estimated amount of the property tax for the current year (April 1 to December 31) is $27,300.